{"id":118,"date":"2020-11-02T13:36:01","date_gmt":"2020-11-02T18:36:01","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/fundamentalsbusiness\/chapter\/value\/"},"modified":"2024-12-06T22:34:37","modified_gmt":"2024-12-07T03:34:37","slug":"value","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/fundamentalsbusiness\/chapter\/value\/","title":{"raw":"Chapter 14 - Marketing Processes and Consumer Behaviour","rendered":"Chapter 14 – Marketing Processes and Consumer Behaviour"},"content":{"raw":"
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Learning Objectives<\/h1>\r\n<\/header>\r\n
\r\n\r\nBy the end of the chapter, you should be able to:\r\n
    \r\n \t
  1. define the terms marketing, marketing concept, and marketing strategy;<\/li>\r\n \t
  2. outline the tasks involved in selecting a target market;<\/li>\r\n \t
  3. identify the four P's of the marketing mix;<\/li>\r\n \t
  4. explain how to conduct marketing research;<\/li>\r\n \t
  5. discuss various branding strategies and explain the benefits of packaging and labelling;<\/li>\r\n \t
  6. describe the elements of the promotion mix;<\/li>\r\n \t
  7. explain how companies manage customer relationships;<\/li>\r\n \t
  8. identify the advantages and disadvantages of social media marketing; and<\/li>\r\n \t
  9. explain [pb_glossary id=\"456\"]key terms[\/pb_glossary] in the chapter.<\/li>\r\n<\/ol>\r\n<\/div>\r\n<\/div>\r\n\"\"\r\n

    \u00a0Show What You Know<\/h2>\r\n

    [h5p id=\"32\"]<\/p>\r\n\r\n

    <\/div>\r\n

    A Robot with Attitude<\/h1>\r\n[caption id=\"attachment_105\" align=\"alignright\" width=\"225\"]\"35-45 Figure 14.1 M. Tilden and his creation, Robosapien. Source Wikipedia[\/caption]\r\n

    Mark Tilden used to build robots for NASA that ended up being destroyed on Mars, but after seven years of watching the results of his work meet violent ends thirty-six million miles from home, he decided to specialize in robots for earthlings. He left the space world for the toy world and teamed up with Wow Wee Toys Ltd. to create \u201cRobosapien,\u201d an intelligent robot with an attitude.[footnote]WowWee Toys (n.d.) Robosapien: A Fusion of Technology and Personality<\/em>. http:\/\/wowwee.com\/robosapien-x[\/footnote] The fourteen-inch-tall robot, which is operated by remote control, has great moves. In addition to walking forward, backward, and turning, he dances, raps, and gives karate chops. He can pick up small objects and even fling them across the room, and he does everything while grunting, belching, and emitting other \u201cbodily\u201d sounds.<\/span><\/p>\r\n

    Robosapien gave Wow Wee Toys a good head start in the toy robot market; in the first five months, more than 1.5 million Robosapiens were sold.[footnote]Taylor, M. (2004). Innovative toy packs a punch<\/em>. South China Morning Post. http:\/\/www.scmp.com\/article\/478240\/innovative-toy-packs-punch[\/footnote] The company expanded the line to more than a dozen robotics and other interactive toys, including FlyTech Bladestar, a revolutionary indoor flying machine that won a Popular Mechanics magazine Editor\u2019s Choice Award in 2008).[footnote]WowWee Toys (n.d.). Our Story<\/em>. http:\/\/wowwee.com\/about\/company-history[\/footnote]<\/p>\r\n

    What does Robosapien have to do with marketing? The answer is fairly simple: though Mark Tilden is an accomplished inventor who has created a clever product, Robosapien wouldn\u2019t be going anywhere without the marketing expertise of Wow Wee. In this chapter, we\u2019ll look at the ways in which marketing converts product ideas like Robosapien into commercial success.<\/span><\/p>\r\n\r\n

    What Is Marketing?<\/h1>\r\n

    When you consider the functional areas of business: accounting, finance, management, [pb_glossary id=\"500\"]marketing[\/pb_glossary], and operations \u2014 marketing is the one you probably know the most about. After all, as a consumer and target of all sorts of advertising messages, you\u2019ve been on the receiving end of marketing initiatives for most of your life. What you probably do not appreciate, however, is the extent to which marketing focuses on providing value to the customer. According to the American Marketing Association, \u201cMarketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.\u201d[footnote]American Marketing Association (2013). Definitions of Marketing<\/em>. https:\/\/www.ama.org\/AboutAMA\/Pages\/Definition-of-Marketing.aspx[\/footnote]<\/p>\r\n

    In other words, marketing is not just advertising and selling. It includes everything that organizations do to satisfy customer needs:<\/span><\/p>\r\n\r\n